Banking
What Affected our 2017 Performance—Access Bank GMD
**Plans N459b Capital Raising
Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, has attributed the not-too-impressive performance of the lender in 2017 to residual effects of macro-economic conditions of 2016.
Mr Wigwe gave this explanation at the bank’s Annual General Meeting (AGM) held this week in Lagos and attended by shareholders of the financial institution.
The bank chief, however, said the bank’s fundamentals remain strong and the group remains poised for sustainable growth in the coming periods.
According to him, despite the slight issue, Access Bank recorded well-rounded performance in 2017 with improvements in all key performance indices such as earnings per share, cost of risk and capital adequacy ratio, which are the major ratios financial institutions are measured by.
“Looking at the top-line of major banks, we are doing well. The new phase of our five-year corporate strategic plan will extensively cover what we could not achieve in the previous phase.
“We shall continue to invest in staff trainings in order to ensure our employees remain one of the best amongst their colleagues in the industry.
“As a customer friendly institution we have set-up an Interactive Voice Response (IVR) centre and ombudsman complaints Call Centre to tackle issues from customers,” he stated at the meeting.
Last year, Access Bank improved its gross earnings by 20 percent to N459.08 billion compared with N381.32 billion recorded in 2016, while the operating income rose to N302.6 billion in 2017 as against N272.6 billion in 2016.
However, the bank’s bottom-line contracted as pre-tax profit dropped by 11 percent from N90.34 billion in 2016 to N80.07 billion in 2017, while the post-tax profit went down to N61.99 billion from N71.44 billion.
During the AGM, shareholders of Access Bank said they were happy with the firm’s consistent dividend payment policy.
They also approved the payment of N18.8 billion cash dividend for the 2017 financial year, amounting to a final dividend of 40 kobo as well as 25 kobo.
Also, the shareholders gave the board of Access Bank the approval to raise up to N459 billion in new debt issue.
This could be raised through the issuance of non-convertible loans, notes, bonds and any other instruments whether by way of public offering, private placement, book building process reverse call inquiry or any other method or combination of methods.
Speaking on this development, Chairman of Access Bank, Mrs Mosun Belo-Olusoga, explained that the increase in the size of the prospective debt issuance demonstrated the commitment of the directors of the bank to strengthening its funding, capital base and profitability through a robust capital structure.
According to her, the proactive issuance programme is underscored by the growing scale of regulatory headwinds and economic realities which have put demands on liquidity and capital.
She said the board deems it necessary to further bolster the bank’s capital and funding base through the issuance of debt securities through any instrument considered appropriate for the bank to meet its growth objectives.
She noted the successful implementation of the bank’s five year strategic growth plan of 2013 to 2017 and the launch of a new five-year plan aimed at making the bank to become Africa’s gateway to the world by 2022.
“As we move on to the next phase of our growth story, the board is positive that we will achieve our growth aspirations through a sustained and sharp focus on our strategic priorities.
“Operating efficiency will remain at the heart of our decisions and we will continue to focus on effective execution of our strategy and on delivering value to shareholders,” Mrs Belo-Olusoga said.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
By Modupe Gbadeyanka
The stellar contributions of Polaris Bank Limited to youth employment, talent development, and workforce empowerment across Nigeria have not gone unnoticed, as the company was recently recognised at an event in Lagos.
At the 2026 Jobberman Partners’ Convening, the financial institution was bestowed with the Private Sector Champion Award.
The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.
Themed From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria, the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.
On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem. The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.
The Head of Talent Management at Polaris Bank, Ms Cynthia Sanyaolu, reaffirmed the lender’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.
“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them to thrive professionally and economically.
“At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development,” she stated.
Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.
Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.
By Aduragbemi Omiyale
Plans are underway by Ecobank Transnational Incorporated (ETI) to approach the international debt market for a capital raise.
The parent company of the Ecobank Group intends to use proceeds from the proposed exercise to refinance “the concurrent any-and-all tender offer of the ETI $350 million 8.750 per cent tier 2 notes due June 2031.”
However, the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation, a statement signed by the organisation’s chief financial officer, Mr Ayo Adepoju, stressed.
After issuance, the debt instrument may be listed on the London Stock Exchange, with the expectation that the bonds will be traded on its regulated market.
Ecobank noted that it would allocate an amount equivalent to the full net proceeds of the issue of the notes to finance or refinance, in part or in full, new and/or existing eligible assets as described in its Green Bond Framework (Ecobank-Sustainability), as amended and supplemented from time to time.
Ecobank, which has banking operations in 34 countries in Africa, is listed on the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (Stock Exchanges).
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